Motorcycle Insurance Needs

By Amy E. Feldman

PHILADELPHIA (CBS) - What kind of insurance should you have on a motorcycle? More than you might think.

Apparently nothing makes a middle age man feel more virile than riding his motorcycle with the wind whipping through the fringe where his hair used to be. Or at least that would explain the results of a study just published in the British Columbia Medical Journal that found that the rate of motorcycle injuries among men aged 45-70 has doubled over the last decade.

So, Dennis Hopper, if you are going to risk life and limb on that bike, at least know something about the law of motorcycle insurance so you don't risk your wallet too.

While most states require motorcyclists to carry only a minimum amount of liability coverage, that's not going to help you if you cause a crash. Why? Because state minimum coverage only pays for damage you have caused to others in a crash. It doesn't cover either you or your motorcycle.

Collision coverage would pay for damage to your bike, minus the deductible, that happens in a crash, which is more than what liability insurance covers. It doesn't cover harm caused by anything other than a crash, like vandalism or theft. For that, you need to buy comprehensive coverage.

So while you might be the kind of guy who flies by the seat of your pants, if age has taught you anything it should be that taking a few minutes now to protect yourself and your wallet is really something that will make you feel virile.